US initial jobless claims fall to 231,000

29th Aug 2024 12:57

(Sharecast News) - Americans lined up for unemployment benefits at a decelerated pace in the week ended 24 August, according to the Department of Labor, but remained well above the average seen earlier in the year.

Initial jobless claims fell by 2,000 to 231,000, broadly in line with market expectations for a reading of 232,000, supporting the belief that the US labour market was softening, as highlighted by a marked downward revision to nonfarm payrolls for the year ended 31 March.

Continuing claims rose by 13,000 to 1.86m, while the four-week moving average , which aims to strip out week-to-week volatility, fell by 4,750 to 231,500. The non-seasonally adjusted monthly print declined by 628 to 191,835.

Reporting by Iain Gilbert at Sharecast.com